End: Transfers like Gareth Bale's world-record deal to Real Madrid could end if FIFPro get their way (Image: Denis Doyle)

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The international footballers' union FIFPro are to launch a legal challenge against the transfer system, claiming it 'shackles' players to clubs.

The current system was agreed upon in 2001, following the Bosman ruling, but FIFPro claim that player's movement remain restricted.

As such, the organisation, which represents nearly 70,000 footballers, claims that the current system needs a radical overhaul would could see an end to transfer fees.

And the union says that they will take their case to the European Commission, the European Court of Justice and human rights' courts.

FIFPro president Philippe Piat said: "The transfer system fails 99% of players around the world, it fails football as an industry and it fails the world's most beloved game.

"Football's governing bodies, clubs and leagues claim the transfer system is necessary to ensure competitive balance, whereby in fact it creates a spiral of economic and sporting imbalance, which only benefits the richest 1% of clubs and player agents.

Bobby Barnes, the deputy chief executive of the Professional Footballers’ Association and European president of FIFPro, said that the current system also encouraged third-party ownership of players, a practice which is banned in the UK.

It is common in South America, Spain and Portugal, and players are ‘owned’ by a businessman or company, who effectively 'park' players at clubs for exposure and to develop, until they can secure a big-money transfer elsewhere.

Investment: Argentina international Javier Mascherano was reportedly owned by two companies in 2006 (Image: Getty Images)

Barnes said: "In the absence of competitive balance the system encourages speculative, unsustainable, immoral and illegal investment models like third-party ownership of players."

Additionally, he claimed that 28 percent of all transfer fees end up lining the pockets of agents and eventually making its way out of the game.

"Thousands of players worldwide are not paid on time, or not at all, while 28 percent of the global transfer market [an estimated £460 million annually] is paid to agents and lost to the game," added Barnes.

"Something is not right with this picture.

“Unpaid players are vulnerable targets of crime syndicates who instigate match-fixing and threaten the very existence of credible football competitions.

"The current industrial model of football in general fails to ensure a professional management and compliance culture that is capable of safeguarding our game against internal and external abuse.”

FIFPro said it would continue to talk to FIFA, UEFA, the European Clubs' Association (ECA) and the leagues but warned they expect changes.